J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/HUF
OW in the GBI-EM model portfolio and short EURHUF via options. Parliamentary ele
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Election risk April 2026
High carry
Favorable valuations
Central bank on hold
All Firm Targets (Dec '26)
JPMBullish308.00
ING305.00
GS300.00
BARCBullish300.00
MUFG298.00
MS295.00
BofABullish292.00
DBBullish288.00
Analysis Summary
OW in the GBI-EM model portfolio and short EURHUF via options. Parliamentary elections in April remain a key event risk. Favorable carry and valuations. Central bank delaying any easing with fiscal policy mostly balanced.